Latest blogs for Specialisms

From April 2026 the first phase of Making Tax Digital (MTD) for income tax self-assessment (ITSA) begins.   What will this mean for you: If your income from sole trader profits and rental income is over £50k then you will need to start completing quarterly returns to HMRC through software, as well as the year…

Those within the Creative Industries will likely be aware of the various corporation tax reliefs available. A frequent question amongst those in the industry is “do we qualify for the relief available?”.   HMRC have now released a new tool to check whether your Company qualifies for specific reliefs. This includes Theatre Tax Relief which…

In the world of small and medium-sized enterprises (SMEs), maintaining robust internal controls is crucial. One of the most effective internal control processes is the Segregation of Duties (SOD). This principle involves dividing responsibilities among different individuals to reduce the risk of errors, fraud, and conflicts of interest.   What is Segregation of Duties? Segregation…

When it comes to running a subsidiary company in the UK, understanding the audit requirements is crucial. While some companies may qualify for audit exemption, many UK subsidiaries still find themselves needing an audit. Here’s why:-   Legal Requirements Under the Companies Act 2006, most UK companies are required to have their annual accounts audited…

Do you have a plan to deal with the April National Insurance Contribution (NIC) increases?   Since Rachel Reeve’s first Budget last October, businesses that employ staff have been worrying over what they should do about the NIC increases being introduced WEF 6 April 2025: Employer’s NIC rate increasing from 13.8% to 15%. The secondary…

Wondering whether there is tax on selling that unwanted jumper from Granny? HMRC continue their focus on targeting areas where they believe more tax can be collected. Their latest campaign is looking at individuals who sell a high value of unwanted items online and checking that such activities are disclosed and taxed as a trade,…

The regulations which prescribe the required content in a Charity’s annual return were updated on 20 December and come into force for annual returns filed in relation to accounting year ends of 1 January 2025 and thereafter.   All charities registered with the Charity Commission must file an annual return, but the size of the…

Following my post back in October 2024 which reported on the government’s commitment to follow through on plans to increase company size thresholds, we now have the legislation confirming the audit threshold changes and when they will be implemented.   What are the changes? For financial years beginning on or after 6 April 2025, thresholds…

Have you considered SME succession post-Budget?   For many business owners, their preferred exit from the family business is to pass it on to their children, for nil consideration. Particularly if the children work in the business. The recent Budget, however, signalled the Government’s intention to change the Business Relief Inheritance Tax rules w.e.f 6…

Do you know how Inheritance Tax on classic cars works?   To many a car enthusiast, a classic car is priceless and for tax purposes there are some useful exemptions for Capital Gains Tax (CGT) purposes where the car involved is considered to be a wasting asset.   H M Revenue & Customs have confirmed…